South African billionaire Patrice Motsepe’s net worth has taken a significant hit since the start of 2023, as shares of his diversified mining group, African Rainbow Minerals (ARM), continue to decline on the Johannesburg Stock Exchange

The savvy businessman, who made history as the first black African billionaire to appear on the Forbes list in 2008 at the age of 46, has seen his net worth drop by $800 million, from $3.2 billion on Jan. 1 to $2.4 billion at the time of writing.

This can be attributed to the slump in the market value of Motsepe’s 39.7-percent stake in ARM, a South African mining and minerals company that holds strategic positions in iron, coal, copper, gold, platinum, and other precious metals.

ARM’s share price has fallen by over 20 percent since the start of the year, dropping from R288 ($14.92) on Jan. 1 to R230.56 ($11.94) at the time of writing.

This decline has led to a reduction in the company’s market capitalization, which now stands at an estimated R50 billion ($2.59 billion).

Despite the decline in the value of his stake, Motsepe’s interest in ARM is still worth a substantial R19.85 billion ($1.03 billion).

Notwithstanding the market downturn, ARM reported exceptional financial performance in the first half of the 2023 fiscal year, allowing Motsepe to receive a substantial R1.24 billion ($67.1 million) dividend on April 3.

The group at the end of the first half of its 2023 fiscal year, reported a 40-percent increase in its profit from R3.69 billion ($203.1 million) in the first half of its 2022 fiscal year to R5.17 billion ($284 million).

The double-digit increase in the group’s earnings during the first six months of its 2023 fiscal year can be attributed to the surge in revenue from R7.7 billion ($423.8 million) to R9.37 billion ($515.7 million), thanks to higher coal and manganese prices in the global commodity market.